I dropped out of Wharton to start my own business. Within the first year, we made over $1 million in revenue.

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Alma Padel

Courtesy Alma Padel
  • Abigail McCulloch started playing padel, a racket sport popular in South America, during business school.
  • She'd been searching for a career option she was passionate about, and found it on the court.
  • She dropped out of Wharton after a year to found her Chicago club.

This as-told-to essay is based on a conversation with Abigail McCulloch, founder of Alma Padel. It has been edited for length and clarity.

A few years ago, I was feeling very uninspired about my career. I studied economics, Spanish, and German in college, then worked for a tech startup in New York City. I couldn't see myself in that world long-term, so I decided to go to business school. At the time, it felt like a natural next step.

At the University of Pennsylvania's Wharton School, recruiting starts almost immediately. I attended recruiting events but left feeling apathetic. I couldn't see myself working in banking for the rest of my life.

I realized I was most motivated to work hard when I was passionate about the project. If I didn't buy into what I was working on, I struggled. It became clear that I was going to need to build something of my own — I just had no idea what that might be.

The idea started with a joke

Around that time, I started playing padel with a group of classmates from Wharton. I wanted to try something new and connect with people. I wasn't the best player, but I immediately loved padel. It felt like a combination of the many sports I'd played growing up. Because the sport is relatively new to the US, everyone is open and friendly, and I really enjoyed the social aspect.

Driving home from padel one day, I lamented that I really needed to figure out what to do with my life. Someone joked, "You should just open a padel club."

I laughed along, but inside I instantly knew that's what I would do. I got to work immediately, creating a business plan and conducting research.

I invested 6 figures of my own savings

I applied to an accelerator hosted by UPenn and was accepted about eight weeks after I'd first had the idea of starting a club. That was crucial as I moved the business forward. I received a five-figure grant, but even more importantly, I leveraged the acceptance to give my idea legitimacy. I could point to the accelerator and say, "Smart people think this is a smart idea."

Ultimately, I needed to put my own money behind the club to make it what I wanted it to be. I invested about 80% of my savings — six figures — into the business. That felt risky, but necessary.

At that point, I wanted to drop out of Wharton. It wasn't a question to me: it needed to be done. Since padel is relatively new, time was of the essence in getting the club off the ground.

When I told my parents I was dropping out, my dad immediately understood. My mom — who is an entrepreneur herself — wasn't thrilled. She comes from a family where education is a very strong safety net. I think she's still hoping I go back and finish my master's.

We did over $1 million in revenue in our first year

Things moved quickly. I signed a lease within eight months of that comment in the car; six months later, the club opened. In hindsight, it was a quick turnaround, but at the time, the minutes crept by slowly. Today, the club has been open for about 14 months.

There's nothing sexy about being a founder at this stage. A lot of my work is service-oriented. I spend time connecting with the community and being on the courts. It's not something you necessarily need a degree for.

I've been working so hard that I haven't had time to pause and appreciate where we are. And yet, the club is successful. During our first year, we did over $1 million in revenue. I'm not yet where I want to be with the business, but I'm on my way and excited about the future for myself, my club, and this sport.

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Kelly Burch has been writing about personal finance for more than a decade.She's particularly interested in how finances impact the most intimate parts of a person’s life, from educational and reproductive choices to love, immigration, or estate planning. Kelly has written about these topics personally and explored them with experts, including entrepreneurs, multi-millionaires, financial planners, and more.Kelly is a first-generation college graduate and homeowner who integrates her personal experience creating financial stability into her reporting. She’s a career journalist, with work appearing in “The Washington Post,” “The Chicago Tribune,” “Boston Magazine” and more.Kelly lives in rural New Hampshire with her husband, two children, and two dogs. When she’s not behind her desk, she can be found getting lost in the mountains and lakes around her home.Follow her on Facebook or Twitter, or learn more here.   

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